California Based P2P Trader Convicted of Illegal Money Transmission
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California Based P2P Trader Convicted of Illegal Money Transmission
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Re: California Based P2P Trader Convicted of Illegal Money Transmission
#2Court docket here: https://www.plainsite.org/dockets/38v97us7k/california-centr...
Re: California Based P2P Trader Convicted of Illegal Money Transmission
#3You can run to anarcho-libertarian-utopian ideals, but you can’t hide from the fact you still live under actual laws against such things, whether or not such laws are just.
Re: California Based P2P Trader Convicted of Illegal Money Transmission
#4The part about these convictions that bugs me is that some of the people getting in trouble were definitely not aware that they were breaking the law. It surprises a lot of people when they find out it's illegal to buy and sell bitcoin for cash to strangers in the US like this (that is, with no license or reporting or discrimination). I hope most of those convicted don't get jail time unless they truly knew that it may have been coming.
Re: California Based P2P Trader Convicted of Illegal Money Transmission
#5The part about these convictions that bugs me is that some of the people getting in trouble were definitely not aware that they were breaking the law. It surprises a lot of people when they find out it's illegal to buy and sell bitcoin for cash to strangers in the US like this (that is, with no license or reporting or discrimination). I hope most of those convicted don't get jail time unless they truly knew that it m…
Ignorance of the law is not a defense, and this person had the resources to engage an attorney (at $300k/year of income).
Re: California Based P2P Trader Convicted of Illegal Money Transmission
#6The part about these convictions that bugs me is that some of the people getting in trouble were definitely not aware that they were breaking the law. It surprises a lot of people when they find out it's illegal to buy and sell bitcoin for cash to strangers in the US like this (that is, with no license or reporting or discrimination). I hope most of those convicted don't get jail time unless they truly knew that it m…
Ignorance of the law is not a defense, and this person had the resources to engage an attorney (at $300k/year of income).
I don't think they made that much. At 6-9 million in transfers, that would be a 10-15% commission, which feels quite high.
But maybe that is typical when doing illegal transactions.
Re: California Based P2P Trader Convicted of Illegal Money Transmission
#7The part about these convictions that bugs me is that some of the people getting in trouble were definitely not aware that they were breaking the law. It surprises a lot of people when they find out it's illegal to buy and sell bitcoin for cash to strangers in the US like this (that is, with no license or reporting or discrimination). I hope most of those convicted don't get jail time unless they truly knew that it m…
I have to think that such unawareness is at least partially willful. They are no doubt aware that the government regulates a lot of things and that financial services in particular have a lot of regulation. It didn’t occur to them that they might need to find out what applies to them?
Re: California Based P2P Trader Convicted of Illegal Money Transmission
#8Earlier quoted context omitted.
Ignorance of the law is not a defense, and this person had the resources to engage an attorney (at $300k/year of income).
I don't think they made that much. At 6-9 million in transfers, that would be a 10-15% commission, which feels quite high. But maybe that is typical when doing illegal transactions.
10-15% sounds reasonable. For example currently Bitcoin trades at $6325 on Coinbase, while cash offers on LocalBitcoins are at around $7000 per BTC.
Re: California Based P2P Trader Convicted of Illegal Money Transmission
#9The part about these convictions that bugs me is that some of the people getting in trouble were definitely not aware that they were breaking the law. It surprises a lot of people when they find out it's illegal to buy and sell bitcoin for cash to strangers in the US like this (that is, with no license or reporting or discrimination). I hope most of those convicted don't get jail time unless they truly knew that it m…
[deleted]
Re: California Based P2P Trader Convicted of Illegal Money Transmission
#10The part about these convictions that bugs me is that some of the people getting in trouble were definitely not aware that they were breaking the law. It surprises a lot of people when they find out it's illegal to buy and sell bitcoin for cash to strangers in the US like this (that is, with no license or reporting or discrimination). I hope most of those convicted don't get jail time unless they truly knew that it m…
Ignorance of the law is not a defense, and this person had the resources to engage an attorney (at $300k/year of income).
It’s not a defense but traditionally this was balanced by laws requiring a mens rea component - or a guilty mind.
With the rise of strict liability crimes for everything this balance is no longer in place. The Overton window has moved dramatically from where it was when that phrase was coined.